Services
Bill Few Associates, Inc. (“BFA”) offers asset management services based on the individual needs of the client. This
Brochure provides a description of the advisory services offered under the Bill Few Associates, Inc. Wrap Fee Program
(“Program”).
For more information about BFA’s other investment advisory services, please contact your advisor for a copy of a
similar brochure that describes such services or go to
www.adviserinfo.sec.gov.
We offer portfolio management services through a wrap-fee program ("Program") as described in this wrap fee
program brochure to prospective and existing clients. We are the sponsor and investment adviser for the Program. A
wrap-fee program is a type of investment program that provides clients with asset management and brokerage services
for one all-inclusive fee. If you participate in our wrap fee program, you will pay our firm a single fee, which includes
investment management fees, certain transaction costs, custodial and administrative costs. You are not charged
separate fees for the respective components of the total services. We receive the fee for our services and pay a portion
of the fee to Pershing Advisor Solutions. The overall cost you will incur if you participate in our wrap fee program
may be higher or lower than you might incur by separately purchasing the types of services available in the Program.
Prior to becoming a client under the Program, you will be required to enter into a separate written agreement with us
that sets forth the terms and conditions of the engagement and describes the scope of the services to be provided, and
the fees to be paid.
Through the BFA Wrap Fee Program, BFA provides ongoing investment advice and management on assets in the
client’s account. BFA provides advice on the purchase and sale of various types of investments, such as mutual funds,
exchange-traded funds (“ETFs”), equities, and fixed income securities. BFA provides advice that is tailored to the
individual needs of the client based on the investment objective chosen by the client. Clients may impose restrictions
on investing in certain securities or groups of securities by indicating in the written advisory agreement with BFA.
We will use the information we gather to develop a strategy that enables our firm to customize an investment portfolio
for you in accordance with your risk tolerance and investment objectives. Once we construct an investment portfolio
for you, or select a model portfolio, we will monitor your portfolio's performance and re-balance your investments as
required by changes in market conditions and in your financial circumstances. For more information regarding our
investment advisory services, including individual portfolio management and mutual fund model portfolios, please
review our Part 2A of Form ADV.
BFA provides investment management services on both a discretionary and non-discretionary basis. Non-
discretionary services require clients to initiate or pre-approve investment transactions in their accounts before they
can occur, whereas “discretionary” services authorize BFA to buy, sell or hold investment positions without obtaining
pre-approval from clients for each transaction. Clients choose if they want BFA to provide investment management
services on a discretionary or non-discretionary basis. When clients choose discretionary management, BFA receives
limited discretionary authority from the client to select the identity, timing and amount of securities to be bought or
sold. Clients must provide written authorization to allow BFA discretionary authority. In all cases, this discretion is
exercised in a manner consistent with the stated investment objectives for the particular client account.
Assets for program accounts are held at Pershing LLC (“Pershing”), a broker-dealer and clearing firm that is registered
with the U.S. Securities and Exchange Commission (“SEC”) and a member of the Financial Industry Regulatory
Authority, Inc. (FINRA”). Pershing Advisor Solutions LLC (“PAS”) is the introducing broker-dealer. PAS is
registered with the SEC and a member of FINRA. PAS provides brokerage services for program accounts and provides
other administrative services as described throughout this Brochure. By selecting PAS as the broker-dealer, clients
may be unable to achieve the most favorable execution of their transactions. Therefore, this practice may cost clients
more money. Clients will be subject to separate fees and expenses charged by PAS. BFA receives support services
from PAS, many of which assist BFA to better monitor and service program accounts maintained at PAS; however,
some of the services and products benefit BFA and not client accounts. If you choose PAS as the broker-dealer, you
cannot request that your orders be executed through a different broker-dealer. Clients should understand that not all
advisors require their clients to select a certain broker-dealer.
Fees
In the BFA Wrap Fee Program, clients pay BFA a single advisory fee for advisory services and execution of
transactions. Clients do not pay brokerage commissions, mark-ups or transaction charges for execution of transactions
in addition to the advisory fee. The amount of the advisory fee will be disclosed prior to services being provided and
agreed upon in the appropriate written investment advisory agreement. Our advisory fees are a percentage based on
the value of all assets in the account, including cash holdings, and generally range from .25% to 1.25%.
Our Standard Fee Schedule is a tiered schedule and is billed as follows:
Tier Asset Level Annual Rate
First $ 500,000 1.25%
Next 500,000 1.00%
Next 500,000 .75%
Above 1,500,000 .50%
The advisory fee is negotiable between the client and BFA as outlined in the advisory agreement. The advisory fee
may be higher than the fee charged by other investment advisors
for similar services. The advisory fee is paid to BFA.
BFA does not accept performance-based fees for program accounts.
Generally, advisory fees are billed quarterly in advance and calculated based on the account’s market value on the last
business day of the prior quarter. Fees for new accounts, and for new deposits into existing accounts, will be pro-
rated based on the remaining number of days left in the quarter. Fees are debited from the client’s account unless the
client requests to be billed directly. For clients requesting to be billed directly, an invoice will be sent to the client
detailing the advisory fees for the upcoming quarter. Accounts within the same household, and set to the same tiered
fee schedule, can be combined for breakpoint purposes.
For advisory accounts in which the management fee is deducted from the account, BFA calculates the advisory fee
and provides PAS with instructions for the fee amount that is to be deducted. On at least a quarterly basis, the custodian
is required to send to the client a statement showing all transactions within the account during the reporting period,
including the fee amount. If the advisory agreement is terminated before the end of the period, client is entitled to a
pro-rated refund of any pre-paid advisory fee based on the number of days remaining in the billing period after the
termination date.
Because the custodian does not calculate the amount of the fee to be deducted, it is important for clients to carefully
review their custodial or account statements to verify the accuracy of the calculation, among other things. Clients
should contact us directly if they believe that there may be an error in their statement.
Wrap Fee Program Transaction Charges Disclosure
BFA has agreed to pay an asset-based fee to PAS for certain brokerage services including clearing, execution and
other fees. The monthly asset-based fee is tiered and decreases as client assets increase. Therefore, BFA is incentivized
to increase client assets.
Other Types of Fees and Charges
Program accounts will incur additional fees and charges from parties other than BFA as noted below. These fees and
charges are in addition to the advisory fee paid to BFA. BFA does not share in any portion of these third-party fees.
PAS, as the introducing broker-dealer providing brokerage services to program accounts, will impose certain fees and
charges that are not part of the bundled platform fee. BFA notifies clients of these charges at account opening. PAS
will deduct these fees and charges, as applicable, directly from the client’s program account.
There are other fees and charges that are imposed by other third parties that apply to investments in program accounts.
Some of these fees and charges are described below.
• If a client’s assets are invested in mutual funds or other pooled investment products, clients should be aware that
there will be two layers of advisory fees and expenses for those assets. Client will pay an advisory fee to the fund
manager and other expenses as a shareholder of the fund. Client will also pay BFA the advisory fee with respect
to those assets. Most of the mutual funds available in the program may be purchased directly. Therefore, clients
could generally avoid the second layer of fees by not using the management services of BFA and by making their
own investment decisions.
• Certain mutual funds impose fees and charges such as contingent deferred sales charges, early redemption fees
and charges for frequent trading. These charges may apply if a client transfers into or purchases such a fund with
the applicable charges in a program account.
• Although BFA requires that no-load and load-waived mutual funds be purchased in a program account when
available, client should understand that some mutual funds pay asset-based sales charges or service fees (e.g.,
12b-1 fees) to the custodian with respect to account holdings. BFA does not receive 12b-1 fees or commissions.
Further information regarding fees assessed by mutual funds and other securities is available in the appropriate
prospectus, which is available upon request from BFA or from the product sponsor directly.
Other Important Considerations
• The advisory fee is an ongoing wrap fee for investment advisory services, the execution of transactions and other
administrative and custodial services. The advisory fee may cost the client more or less than purchasing similar
services separately, for example, paying an advisory fee plus commissions for each transaction in the account.
BFA does not offer these services separately. Factors that bear upon the cost of the account in relation to the cost
of the same services purchased separately include the type and size of the account, historical and or expected size
or number of trades for the account, and number and range of supplementary advisory and client-related services
provided to the client.
• The advisory fee also may cost the client more than if assets were held in a traditional brokerage account. In a
brokerage account, a client is charged a commission for each transaction, and the representative has no duty to
provide ongoing advice with respect to the account. If the client plans to follow a buy and hold strategy for the
account or does not wish to purchase ongoing investment advice or management services, the client should
consider opening a brokerage account rather than a program account.
• The Advisor recommending the program to the client receives compensation as a result of the client’s participation
in the program. This compensation includes a portion of the advisory fee and also may include other
compensation, such as salary, bonuses, awards or other things of value offered by BFA to its associated persons.
• The investment products available to be purchased in the program can be purchased by clients outside of a
program account, through broker-dealers or other investment firms not affiliated with BFA.